Thu, Apr 20, 2017 - Page 11 News List

Taiwan Business Quick Take

Staff writer, with CNA

SOLAR ENERGY

Tynsolar extends losses

Solar module maker Tynsolar Corp (頂晶科技) yesterday said it last month lost NT$10 million (US$328,753), widening from a loss of NT$7 million in the same period a year ago, a filing with the Taiwan Stock Exchange (TWSE) showed. The company lost a total of NT$17 million in February and last month, more than a loss of NT$10 million in the same period last year, the filing showed. The TWSE requested that Tynsolar disclose its financial figures due to an abnormal share price movement.

BANKING

Fubon silent on HK unit

Fubon Financial Holding Co (富邦金控) yesterday declined to respond to speculation that it is looking to sell its Hong Kong-based banking unit. Analysts have said that Fubon Bank (Hong Kong) (富邦香港) earnings and market share have been slipping since 2011, and that a decision to sell the unit would not be improbable. The subsidiary last year contributed about 5.8 percent of Fubon Financial’s total earnings last year, company data showed.

INSURANCE

Transglobe still profitable

Transglobe Life Insurance Co (全球人壽) yesterday said that it has maintained profitability, despite the rapid appreciation of the New Taiwan dollar exhausting its foreign exchange reserves. As of the end of last quarter, foreign exchange reserves had fallen to NT$2 billion, down 47 percent from the same period a year ago, the company said. At the end of last year, the company’s investments totaled NT$900 billion, generating returns of 4.07 percent against a cost of capital of 4.27 percent, it added. Transglobe Life said that it is hoping to remedy its negative interest spread by 10 basis points annually as the US commences an interest rate increase cycle. Net income last year totaled NT$3 billion, it said.

MANUFACTURING

Kinpo receives certification

Kinpo Electronics Inc (金寶電子) yesterday announced that it has earned certification to use Medical Devices Directive CE marking, which it said would help expand its access to markets in the EU. The company outlined plans to leverage the new certification by teaming up with Makalot Industrial Co (聚陽實業), one of the nation’s top garment manufacturers, in a bid to win contracts for heart rate sensor-equipped smart apparel from international firms such as Under Armour Inc and Fila Inc. Kinpo said that it would also develop its own brand of heart rate monitor-equipped athletic wear featuring improved moisture wicking and muscle compression, adding that the new products are expected to launch in Taiwan and the US in the second half of this year. Kinpo sales last quarter rose 3.4 percent annually to NT$28.88 billion, the firm said.

AUTO INDUSTRY

Taipei trade shows open

The Taipei International Auto Parts and Accessories Show, as well as three other trade shows related to automotive products, yesterday opened at the Taipei World Trade Center and the Taipei Nangang Exhibition Hall. More than 1,300 local companies are taking part in the shows, which are to run through Sunday, the Taiwan External Trade Development Council (外貿協會) said in a statement. Participants include Depo Auto Parts Industrial Co (帝寶工業) and SuperAlloy Industrial Co Ltd (巧新), it added. The four events are forecast to attract more than 6,700 foreign buyers, the council said.

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